In Canada, a Central Banker's Unusual Approach

Head of Bank of Canada Looks Beyond Economic Models for Clues

By

Jon Hilsenrath and

Elena Cherney

Updated July 13, 2014 7:50 p.m. ET

Central-bank economic models failed to foresee the storm that devastated the global economy in 2008. Stephen Poloz, the head of Canada's central bank, the Bank of Canada, is trying an alternative approach he thinks will have better foresight: actual human beings.

Since taking over in June 2013, Mr. Poloz has pushed staff and himself to look beyond models for on-the-ground evidence to understand Canada's economic challenges.